Lemonade, a high profile Insurtech, is scheduled to trade on the NYSE today under the ticker symbol “LMND.” At the last minute, the company bumped up the per-share price to $29/share. Just yesterday, Lemonade indicated in an updated S-1 filing that shares would trade in a range of between $26 to $28 a share – a significant increase from a previous filing that indicated shares would IPO at a range of $23 to $26/share.
The rising IPO price is indicative of solid demand. It helps that Baillie Gifford, an investment management firm based in Edinburgh, have indicated their interest in purchasing up to $100 million in shares at the IPO price. Baillie Gifford could decide to buy more or less, but if they follow through on the purchase the firm may purchase almost 30% of the $319 million share float.
With market futures showing a strong start today, in part due to a good jobs report, Lemonade may be off to a good start.